What Is Bitcoin Ruby?

Most of us had hoped we would never have to deal with another crappy Bitcoin fork ever again. Unfortunately, there are still a lot of opportunities waiting to be explored. Someone has put together a website for Bitcoin Ruby, although it is doubtful anything will ever come of this project. Then again, stranger things have happened this year, and no one can separate truth from fiction anymore these days.

Can Bitcoin Ruby Become a Real Thing?

When one looks over the Bitcoin Ruby website, it is rather evident this project may not amount to much in the near future. In fact, it seems like a pure placeholder website first and foremost, with very little information to go by. Additionally, the image on the site looks amateurish at best and doesn’t instill any confidence in the developmental capabilities of whoever may have wanted to create such a project.

From the little information we do know, there will be 100 billion BTCRUBY at its peak. It is a bit unclear how this currency will be created, though, as it will not be an actual Bitcoin fork. In fact, it seems to be a token created on top of the Ethereum blockchain first and foremost. The site claims this is a “hard fork” of Bitcoin, but that clearly won’t be the case whatsoever. Moreover, the fact that this project’s team demands an Ethereum payment for every BTCRUBY confirms this is an ERC20 token more than anything else.

For a currency that is scheduled to launch in 35 days, there is an appalling dearth of information to go by. Indeed, all we are left with is another currency no one really wants or needs and which serves no real purpose whatsoever. A lot of projects are attempting to capitalize on the Bitcoin name, by the look of things. It worked out for Bitcoin Cash and Bitcoin Gold, but there have been a lot of failed efforts as well. Bitcoin Ruby will not impress anyone at this stage, as it is an utterly unprofessional project. In fact, some people may even argue that it is a clear scam.

The team behind this project asks investors to fill out a form, after which point they will receive an Ethereum deposit address. There is nothing on the website to automate or track payments, which only makes it more difficult to determine how much money this project might actually raise. One Ether will grant users 1 million Bitcoin Ruby, which means the team hopes to raise 100,000 Ether. At current prices, that is worth close to US$48 million. That’s a very ambitious goal for a project which has no apparent purpose.

Sadly, this will not be the last altcoin aiming to capitalize on the Bitcoin name either. Bitcoin Diamond looked to make an impact in a similar way. It remains highly doubtful that currency will succeed either, yet no one can say that for sure this time of year. A lot of projects have succeeded even though they shouldn’t have on paper. Cryptocurrency markets are incredibly irrational right now, and that isn’t changing.

For the time being, it is best to ignore Bitcoin Ruby until we have more information about this project. Obtaining that information will be pretty difficult, as the team hasn’t bothered to share the necessary information with the public at this point in time. It shows this is an immature project which will probably never amount to much. It’s simply another money grab to hopefully get rich on the back of Bitcoin’s popularity.

Bitnewsbot.com is a bitcoin, cryptocurrency and blockchain news aggregator that "pulls" content from the top news business outlets in the world and presents them in a single website in order to help our readers stay informed and up to date.